Kopi Kenangan Announces Series B Funding of More than 1,6 Trillion Rupiah

Startups new retail Kopi Kenangan announces $109 million (over 1,6 trillion Rupiah) series B funding led by former investors Sequoia Capital India. Several new names such as B Capital, Horizons Ventures, Verlinvest, Kunlun, and Sofina joined this round, as well as its first investor Alpha JWC Ventures.

It is also reported that one co-founder Facebook Eduardo Saverin joined the commissioners of Kopi Kenangan, through B Capital. His involvement is expected to help the company's transformation much faster.

"I look forward to working with Kopi Kenangan and building a global brand that celebrates the distinctive flavors of Indonesia and Southeast Asia," Saverin said in an official statement, Tuesday (12/5).

In its track record, Kopi Kenangan first bagged early stage funding from Alpha JWC Ventures for $8 million in 2018. A year later, raised $20 million in series A funding led by Sequoia Capital India and additional funds with undisclosed value from Arrive, Serena Ventures, NBA basketball player Caris LeVert, and Sweetgreen founder Jonathan Neman.

In total, the investment received by the company reached more than $137 million (more than 2 trillion Rupiah).

Separately, to DailySocial, Co-Founder & CEO of Kopi Kenangan Edward Tirtanata confirmed, until this stage the company has not yet received status unicorns, Previously it was known that Kopi Kenangan's valuation had been broken status centaur. "Until now, Kopi Kenangan has not become a unicorn," he said.

He explained that this fresh funding would be used to strengthen its position in Indonesia. One of them is the plan to offer a variety of food and beverage products from local traders and develop cloud kitchen.

“As a growing startup, we are quick to adapt to challenges through contactless transactions and uncompromising hygiene standards across our stores. The well-being of employees is a huge priority and we are investing in their safety, along with increased health benefits and additional training to help them cope with this major change."

The impact of the pandemic has also hit the Kopi Kenangan business. Edward said, all other industries, F&B also experienced a significant decline, especially in offline outlets. But thanks to the business model grab &go, the company saw an increase online orders by 50% in certain locations.

He also believes that businesses that quickly adapt to conditions can survive in the midst of a crisis, not those who are the smartest or have large capital. "Kopi Kenangan gains investor confidence by elevating the business model grab and go that fits the current situation."

Currently, Kopi Kenangan employs 3 employees spread across 324 outlets in all cities in Indonesia. It is hoped that this year, it can add store locations to reach 500 outlets. The company also has ambitions for post-pandemic regional expansion. Thailand, the Philippines, and Malaysia, became the countries they were after.

"The regional expansion plan will continue to be implemented, taking into account the post-Covid-19 situation," he concluded.